News

Superfast wireless broadband provider Wildanet has secured £50m investment, which will allow the company to continue to expand its broadband network across Cornish communities and create up to 98 new jobs. The Cornwall and Isles of Scilly Investment Fund (CIOSIF) portfolio company has secured funding from the Gresham House British Strategic Investment Infrastructure Fund LP (BSIF).

Wildanet was established in 2017 by Ian Calvert, with the ambition to establish a high-tech, low-hassle, fast broadband solution for hard-to-reach rural areas which would guarantee broadband speeds. Fast forward three years and the Liskeard-based company can now deliver its service to over 65,000 premises across Cornwall.

Ian Calvert, CEO and Founder of Wildanet commented: “We were really pleased to receive this investment which will enable us to accelerate our expansion plans. This is exciting news for residents and businesses in Cornwall as we’ll be able to provide more of them with access to reliable, fast broadband whilst creating new jobs in the county. The Cornwall and Isles of Scilly Investment Fund have helped the company develop to a point where we are ready to accelerate the growth of our network which this new funding will enable.”

Ralph Singleton, Head of Funds Cornwall at The FSE Group adds: “We have been working with Ian and his team for over two years now and have had the pleasure of seeing the business grow and develop during this time. Their technical skill, customer service and branding have all been excellent. We have seen them go from an early-stage business to raising one the largest investments into Cornwall in recent years. This level of private investment alongside the support of CIOSIF demonstrates the work and the opportunities that our funding can go on to create. We look forward to them delivering their expansion plans and are delighted to continue supporting the company through the next stage of their development.”

The £40m CIOSIF provides debt and equity finance from £25,000 to £2million, to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund manager, The FSE Group.

Ken Cooper, Managing Director at the British Business Bank, said: “CIOSIF has been a real catalyst for attracting additional investment into Wildanet and helping the company realise its growth ambitions. We wish Ian and his team all the best in this next stage of their development.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, added: “Over the last two years CIOSIF has invested £1.35m in Wildanet, helping to establish the business as a credible provider in a competitive market and giving other investors confidence. This deal is a terrific achievement and puts the businesses on the cusp of significant further growth.”

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.

London based StoryStream, a leading Martech SaaS business has secured a £250,000 loan from The Greater London Investment Fund (GLIF).

This loan will be used to support unprecedented demand for its platform driven by the acceleration of digital commerce through changes in consumer behaviour during the current pandemic.

Also backed by MMC Ventures and with Storystream being profitable, the board sought external funding to respond to the opportunity to accelerate growth by investment in product and sales resources.  

StorySteam helps both brands and retailers sell more products by enabling them to deliver authentic, engaging and personalised content across the online customer journey, driving purchase consideration and increasing propensity to buy.  

Businesses now face the reality that eCommerce has become the primary way for people to shop. However, the customer experience is largely transactional and is not emotionally engaging which can result in lost sales.

Traditionally, consumers have relied solely on static content and product pictures. Brands now understand that consumers seek "social proof" in the form of authentic content and inspirational visual testimonials from existing customers, experts and influencers to help them decide when and where to buy. 

Using patent pending AI, StoryStream provides the technology to help brands source this type of authentic content and seamlessly deliver it into their eCommerce experience at scale, helping consumers to better connect with the brand, the product and ultimately enabling them to make informed and concerted buying decisions.

StoryStream has established a position as the leading Content Experience Platform provider to the Automotive Sector, whose customers include Porsche, Mercedes and Vauxhall. The company is now witnessing a surge in demand from the wider digital commerce sector for its technology, such as leading supermarket brands like Sainsbury’s, as they seek to respond to the high growth in demand fuelled by consumers under the current circumstances.

Alex Vaidya, Co-Founder and CEO of StoryStream commented: “StoryStream is fortunate to be in a position to address opportunities for growth and job creation in Greater London which requires access to funding.  Raising funds during an economic crisis can be challenging and I’m delighted that David at The FSE Group with the support of Funding London were able to see these opportunities and provide access to this additional support. “

David Booth, Senior Fund Manager for The FSE Group, who manage the £55 million GLIF debt fund on behalf of Funding London, commented: “GLIF supports innovative high growth businesses in Greater London. We were impressed by the StoryStream business model, strength of management and demonstrable commercial traction which are key attributes for commercial success. We are pleased to be supporting them through the opportunities and challenges of the pandemic and into the next phase of growth.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “StoryStream has established a position as the leading Content Experience Platform provider to the Automotive Sector, with customers including Porsche, Mercedes and Vauxhall.  The loan from GLIF will help Alex and the team harness the surge in demand they are experiencing and the expansion into other sectors, will bolster their core offerings and bring a positive outlook for the year ahead.”

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and industrial Strategy (BEIS). Deadline for CBILS applications has been extended to 31 January for UK businesses.

London based business, Inspection² has secured a £250,000 loan from The Greater London Investment Fund (GLIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

Inspection² has been transforming the automation of industrial inspection since 2012. Inspection² was incubated inside Sky-Futures, a leading global drone services provider and spun out before the sale of Sky-Futures to Private Equity in May 2019.

Inspection² software uses Artificial Intelligence (AI), Automation, and 3D visualisation to automatically analyse inspection images, saving up to 70% of engineering time compared to traditional methods. A powerful AI platform that enables the captured data to be turned into actionable information. This delivers major reductions in OPEX and risk by providing a path to inspection automation and reporting by exception. Its ability to correctly identify billable assets also supports more effective inventory, Partner, and cost base management.

As an independent business, Inspection² will focus on industrial inspections within the Telecommunications, Transmission & Distribution and Oil & Gas sectors, solving critical business infrastructure problems.

Whether inspection, upgrade, maintenance or decommissioning, this technology enables those sectors to utilise all of the information needed to make better and more informed decisions. The client can store and manage large volumes of data collected from multiple sources including handheld cameras and smartphones, delivering significant flexibility.

James Harison, Founder and CEO of Inspection² commented: “Understanding the unique requirements of our target sectors is key to our business. The software solution was built to specifically address the volume of data being collected by drones and to automate data processing, allowing an operator to build up a picture of industrial asset condition over time, in a highly structured asset base. This loan will help us strengthen our business and I would like to thank GLIF and David at The FSE Group for facilitating the loan to help us continue to service our existing contracts and to deliver our future plans.”

David Booth, Senior Fund Manager for The FSE Group, who manage the £55 million GLIF debt fund on behalf of Funding London, commented: “We were impressed by the team at Inspection² who have developed a product which saves time and money for operators of critical infrastructure assets. The market opportunity is substantial across Telecommunications, Transmission & Distribution and Oil & gas and we look forward to supporting the business through its next phase of growth.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “Inspection² 's AI based solution, offers important efficiency gains in critical infrastructure sectors such as oil and gas.  We are delighted the loan provided by GLIF will help James and his team deliver existing commitments, facilitate growth and achieve future business goals in 2021 and beyond.”

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and industrial Strategy (BEIS). Deadline for CBILS applications has been extended to 31st January 2021 for UK businesses.

A Leicestershire based food safety technology business has secured a £500,000 investment to scale-up operations and boost their ambitious growth plans.

Navitas Digital Safety Ltd (Navitas), which operates out of Phoenix Park in Coalville, has secured the finance from The FSE Group Debt Finance Fund through the Midlands Engine Investment Fund (MEIF).

The firm is set to use the funding to invest in the development of the first of its kind safety platform, which will be a single destination for food safety. The platform will allow hospitality businesses to manage their entire safety operations, all in one place. It will also enable Navitas to offer a SaaS model, providing the platform at a monthly price, making the best safety tools and services accessible to any size business.

Established in 2014 by Ben Gardner, Navitas digitalises time consuming and labour-intensive food safety processes, which must be followed to maintain food safety and health and safety regulations within the food hospitality sector.

Ben Gardner, CEO of Navitas, commented:

“Every food service business knows and understands the importance of health and safety. I am passionate about making the complex world of food safety legislation as simple and cost effective as possible. Our aim is to become the leading “one stop” food health and safety consultancy, compliance, training and digital safety management company within the food hospitality sector. Having successfully secured the funding, we can confidently grow our business to the next level to achieve this.”

Paul Lynam, Fund Manager at The FSE Group, which manages the MEIF Debt Finance Fund added:

“We are proud to have supported Navitas with their expansion plans. The job creation will have a positive impact on the local economy and further strengthen the future of the business. Through the Midlands Engine Investment Fund, The FSE Group are committed to providing finance for innovative Midlands based businesses with the potential to grow.”

Lewis Stringer, Senior Manager at the British Business Bank said:

“The MEIF fund managers work closely with one another across the Midlands to help businesses in the region access the finance they need to develop and grow. This latest investment into Navitas builds on the earlier debt and equity finance provided by MEIF and demonstrates the various finance options available through the fund. We’d encourage other businesses across Leicestershire and the whole region to consider these options.”   

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

For more information about Navitas Digital Safety Limited, visit  www.navitas.eu.com

Husband and wife team Drs Robin and Nikki Cordell, have secured £300,000 from the Thames Valley Berkshire Funding Escalator (TVB) to further grow, develop and expand their multi-disciplinary occupational health services business.

Robin and Nikki retired from their military careers in 2013, with over 30 years’ combined experience delivering occupational health services. Embarking on civilian life, they were both keen to investigate a way in which they could continue to pursue excellence in health and wellbeing in the workplace and positively impact on the workability of people with health issues.

They established “Cordell Health,” a new type of quality occupational health service. Their business strives to deliver excellence in health and wellbeing in the workplace and to provide a positive impact for employers and employees alike. Workplaces have changed beyond recognition in the wake of the COVID19 pandemic. Now more than ever it is important to ensure that relationships between the health of the employee, their working environment, and duties undertaken are safeguarded. Occupational health services are more than just an administrative task to manage sickness absence. It is ensuring employees with a health condition are fit to work after a period away from the working environment. It encompasses the physical and emotional wellbeing and mindfulness of employees undertaking their roles; be that in an office environment or remotely.

Cordell Health aims to provide a dynamic, sustainable and ethical manner when delivering their services which will in turn support organisations to provide a working environment which enables all employees to be engaged, productive and well. These key factors are provided by the exceptional, workplace health services which Cordell Health provide.

Cordell Health is SEQOHS (Safe, Effective, Quality Occupational Health Service) accredited, an award entrusted to an Occupational Health provider governed by the Faculty of Occupational Medicine (FOM), the professional and educational body for occupational medicine in UK.  

Dr Nikki Cordell, Co-Founder of Cordell Health, commented “In 2016, Cordell Health re-launched as a social enterprise. Our social mission is to remove, wherever possible, barriers to employment of individuals with a disability or long-term health condition. The funding from TVB will enable us to expand our own team of healthcare experts and further the development of our services, to the benefit of our current and future clients.”

Cheryl Weeks, Head of Funds, South East for The FSE Group, commented: “Being a social enterprise is very important to Drs Robin and Nikki Cordell, who strive to make a positive difference in the workplace coupled with their vision to shift the focus from disability to ability. Cordell Health specialises in providing early intervention and expert support to HR and managers in the field of workplace health and wellbeing. It was a pleasure to be able to secure funding for the dedicated team, enabling them to reach out to more businesses ensuring they benefit from the specialist occupational support and advice.”

TVB Expansion Loan Scheme is part of TVB Funding Escalator, an £11.3m initiative funded by Thames Valley Berkshire LEP. The escalator, which also includes a Trade Finance Loan Scheme and a Growth Equity Fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities.